Report on Economic Concepts: Modeling Supply, Demand, and Pricing

This report provides an overview of basic economic concepts and models, focusing on the principles of supply and demand. It highlights a real-world example of how increased shipping costs are causing trampoline prices to rise significantly. The report discusses the law of demand, which relates consumer willingness to buy a product to its price, and the law of supply, which demonstrates the relationship between product quantity and supply service over time. The conclusion emphasizes the various factors influencing market products and the role of economic rules in increasing business profits. References to relevant academic sources are included to support the analysis.

Economic Concepts and
Models

Table of content
 Introduction
 Basic economical models
 Trampoline prices to soar 50% on shipping costs
 Demand
 Supply
 Conclusion
 References

INTRODUCTION
 Maintaining a appropriate balance between credit and debit of the business of any
organization is the most simplest way to express the Economics.
 It is a regular practice of the financial inputs and outputs of the firm or company and even
an individual is affected by the economics as well through balancing between limited and
unlimited resources.
 There are different types of sources of the economics which we will be discussing in this
report (Nagatsu,, 2019).

Basic economical models
 The simplest and easiest to show the most
complex variables though the help of
mathematics etc. in an most logical manner is
knows as the economical model which
probably have few constrains to develop the
outcome of some financial gains or loss
alongside the chain of demand and supply
represents the economical model.

Trampoline prices to soar 50% on shipping costs
 The owner of outdoor toys , James Owen says larger toys will be more expensive and it will rise
by 40 to 50% more than the previous value because of the high transport costs and post
congestion.
 The rice of shipping is booming all around the world that will effect from the households items to
the kids toys.
 Transporting a steel container from China to Netherlands is now costing 547% higher than the
average price of last 5 years which is very alarming for everyone in the business of trade that will
effect every source of business in the entire world.

Demand
The law of demand has a observations which
clearly depends on the consumers who are
willing to buy the product by analyzing different
factors states as variables and one of the most
important variables is the price of the
product.Law of demand

Supply
 The law of supply has been represented by the
relationship between the amount of the product
with the supply service in certain time.
 When the demand of the product enhances , the
supply of that similar product increases as well
and the more the supply of the product.

Conclusion
 As per this report , it is concluded that there are many factors in the economics which
influence the products in the market whether it is a higher price product or the lower.
 Everything and every business gets effected by the demand and supply chain graph all
around the world and there are a lot of economical rules by which the businesses try to
increase their profits.

References
 Nagatsu, M., 2019. Applying Experimental Philosophy to Investigate Economic Concepts: Choice,
Preference, and Nudge.Advances in experimental philosophy of science, pp.147-171.
 Ibrahim, Y., Huq, S., Shanmuganathan, K., Gille, H. and Buddhdev, P., 2021. Trampolines injuries are
bouncing back: the effect of the COVID-19 UK lockdown on the paediatric trauma burden.Bone & Joint
Open,2(2), pp.86-92.
 Browning, E.K. and Zupan, M.A., 2020.Microeconomics: Theory and applications. John Wiley & Sons.

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